Dada Nexus Limited (NASDAQ:DADA) Sees Significant Growth in Short Interest

Dada Nexus Limited (NASDAQ:DADA) saw a significant increase in short interest in January. As of January 15th, there was short interest totalling 2,000,000 shares, an increase of 14.9% from the December 31st total of 1,740,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is presently 1.5 days.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DADA. Citigroup lowered their target price on Dada Nexus from $2.00 to $1.90 and set a “neutral” rating for the company in a report on Friday, November 15th. Mizuho lowered their price target on Dada Nexus from $4.50 to $4.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.70.

Hedge Funds Weigh In On Dada Nexus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its stake in shares of Dada Nexus by 219.4% in the third quarter. JPMorgan Chase & Co. now owns 224,866 shares of the company’s stock worth $427,000 after buying an additional 154,460 shares in the last quarter. Jane Street Group LLC raised its position in shares of Dada Nexus by 45.5% during the 3rd quarter. Jane Street Group LLC now owns 235,666 shares of the company’s stock valued at $448,000 after buying an additional 73,720 shares during the period. Dimensional Fund Advisors LP acquired a new position in Dada Nexus in the second quarter valued at approximately $230,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Dada Nexus during the third quarter worth $26,000. Finally, Marshall Wace LLP raised its position in Dada Nexus by 7.5% in the second quarter. Marshall Wace LLP now owns 619,716 shares of the company’s stock valued at $781,000 after purchasing an additional 43,359 shares during the period. 59.25% of the stock is owned by hedge funds and other institutional investors.

Dada Nexus Price Performance

NASDAQ:DADA opened at $1.82 on Monday. The company has a 50 day moving average price of $1.41 and a 200-day moving average price of $1.44. Dada Nexus has a 1-year low of $1.04 and a 1-year high of $2.83. The firm has a market cap of $472.84 million, a price-to-earnings ratio of -1.64 and a beta of 1.36.

Dada Nexus Company Profile

Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People’s Republic of China. It operates Dada Now, a local on-demand delivery platform that provides intra-city delivery and last-mile delivery services on an on-demand basis to chain merchants, small- and medium-sized enterprise merchants, and individual senders; and JDDJ, a local on-demand retail platforms for consumers, retailers, and brand owners.